The UK wealth management house reported interim figures for 2017.

London-listed Rathbone Brothers, the wealth management firm, has reported underlying profit before tax of £43.3 ($56.4 million) in the six months to end-June, a rise of 22.7 per cent.

Underlying profit margin remained rose to 30.4 per cent from 29.4 per cent in 2016, the firm said in a statement. (Underlying figures strip out a plan amendment gain on the closure of the defined benefit pension schemes and charges in relation to client relationships and goodwill, acquisition-related costs and London head office relocation costs.)

Pre-tax profit for H1 rose by 16.7 per cent to £26.6 million.

Rathbones’ board recommended a 22 pence interim dividend for 2017 (2016: 21.0p).

Total funds under management at 30 June 2017 were £36.6 billion, up 7.0 per cent from £34.2 billion at 31 December 2016. This compared to an increase of 2.4 per cent in the FTSE 100 Index and an increase of 2.7 per cent in the MSCI WMA Private Investor Balanced Index over the same period, it said.

Total net organic and acquired growth in the funds managed by the investment management business was £600 million in the first six months of 2017, representing a net annual growth rate of 4.0 per cent (2016: 4.2 per cent).

"The first six months of 2017 has seen another busy period for Rathbones as we continue to deliver our strategic plans without detracting from our high standards of service to our clients. We remain confident in the medium-term potential of our growth initiatives,” Philip Howell, chief executive of Rathbone Brothers, said.